锡业股份（000960.SZ） 小金属 证券研究报告/公司点评报告 2024 年 10 月 31 日 锡价中枢上移助力业绩高增 公司盈利预测及估值 | --- | --- | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------|-----------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------------------------------------------------------|---------------------------------- ...

期间费用中财务费用管理费用和销售费用同比均大幅下降同时公司加强地质找矿和冶炼方面关键技术研究力度研发费用同比增长2024年末公司规模净资产208.48亿元同比增长17.19%资产负债率进一步下降至40.19%资本结构进一步优化 受益于公司经营业绩持续增长债务规模不断下降资产债务结构持续优化偿债能力进一步提升2024年公司经营活动产生的现金流量金额34.05亿元同比增长55.25%盈利质量和现金流持续向好 4月2日晚间 西叶股份发布了年度报告2024年公司主动把控经营节奏 抢抓市场机遇财旋也协同联动 不断增强发展动力经营滞效持续稳健向好 西冶股份在不断努力取得业绩增长及高质量可持续发展的同时高度重视对投资者持续稳定合理的投资回报以实际行动回馈广大股东2024年度利润分配预案为美石股派现金红利1.9元含税已派发现金股利3.13亿元 2024年 公司生产有色金属总量36.1万吨其中 新8.48万吨 同13.03万吨 新14.40万吨总产量及新 新产品均创历史新高公司新产品国内市场占有率47.98%较2023年上升0.06个百分点 全球市场占有率25.03%较2023年上升2.11个百分点实现营业收入419.73亿元 ...

有色金属/小金属 公 司 研 究 锡业股份（000960.SZ） 2024 年 10 月 28 日 2024Q3 期间费用率上升，资产结构持续优化 ——公司信息更新报告 投资评级：买入（维持） | --- | --- | |---------------------------|---------------------------| | | | | 李怡然（分析师） | 温佳贝（分析师） | | liyiran@kysec.cn | wenjiabei@kysec.cn | | 证书编号： S0790523050002 | 证书编号： S0790524040009 | | --- | --- | |-------------------------|-------------| | 日期 | 2024/10/28 | | 当前股价 ( 元 ) | 15.64 | | 一年最高最低 ( 元 ) | 19.37/10.73 | | 总市值 ( 亿元 ) | 257.40 | | 流通市值 ( 亿元 ) | 257.40 | | 总股本 ( 亿股 ) | 16.46 | | 流通股本 ( 亿股 ) | 16.46 ...

Investment Rating - The investment rating for the company is "Recommended (Maintain)" [1] Core Views - The company's performance in Q3 showed a slight improvement, with total revenue of 10.438 billion yuan, a year-on-year decrease of 3.58% but a quarter-on-quarter increase of 0.60%. The net profit attributable to shareholders was 484 million yuan, reflecting a year-on-year increase of 18.56% and a quarter-on-quarter increase of 2.10% [4][5] - The overall production of non-ferrous metals in the first three quarters of 2024 reached 277,100 tons, with tin production at 64,200 tons, copper at 105,000 tons, and zinc at 106,400 tons. The production of indium ingots exceeded the annual target [5] - The supply-demand dynamics for tin are improving, with a significant decrease in tin ore imports from Myanmar, down 31% year-on-year from January to September 2024. This is expected to keep the supply of tin concentrate tight [5] - The company is expected to benefit from the rising tin prices due to the scarcity of resources and increasing demand from sectors like semiconductors and consumer electronics [6] Summary by Sections Financial Performance - In Q3 2024, the company achieved total revenue of 10.438 billion yuan, a year-on-year decrease of 3.58% and a quarter-on-quarter increase of 0.60%. The net profit attributable to shareholders was 484 million yuan, a year-on-year increase of 18.56% and a quarter-on-quarter increase of 2.10% [4] - For the first three quarters of 2024, total revenue reached 29.213 billion yuan, a year-on-year decrease of 13.21%, while the net profit attributable to shareholders was 1.283 billion yuan, a year-on-year increase of 17.18% [4] Production and Supply - The company produced 277,100 tons of non-ferrous metals in the first three quarters of 2024, with tin production at 64,200 tons, copper at 105,000 tons, and zinc at 106,400 tons. The production of indium ingots exceeded the annual target [5] - The supply of tin concentrate is expected to remain tight due to a significant decrease in imports from Myanmar, which is projected to impact future supply positively [5] Profitability and Valuation - The company's gross margin for Q1-Q3 was 11.63%, an increase of 3.36 percentage points year-on-year. However, the gross margin for Q3 decreased to 11.09% due to a 1.55% decline in tin prices [5] - The forecast for net profit attributable to shareholders for 2024-2026 has been adjusted to 1.911 billion, 2.743 billion, and 2.896 billion yuan, respectively, with corresponding P/E ratios of 13.4, 9.3, and 8.8 [6][11]

锡业股份（000960.SZ）——三季报点评 优于大市 三季度量和价略有影响，但不改公司全年目标 公司发布三季报：前三季度实现营收 292.13 亿元，同比-13.21%；实现归母 净利润 12.83 亿元，同比+17.18%；实现扣非归母净利润 14.50 亿元，同比 +46.44%。公司 24Q3 实现营收 104.38 亿元，Q3 环比+0.60%；实现归母净利 润 4.84 亿元，Q3 环比+2.10%；实现扣非归母净利润 4.52 亿元，Q3 环比 -34.97%。 公司 Q3 扣非利润环比有所下滑，主要是因为：1）金属价格有所调整，24Q2/Q3 沪锡均价分别为 26.40/26.00 万元/吨，Q3 环比-1.55%，24Q2/Q3 沪锌均价 分别为 2.35/2.36 万元/吨，Q3 环比+0.35%，24Q2/Q3 沪铜均价分别为 8.01/7.52 万元/吨，Q3 环比-6.09%；2）锡产品产量有所下滑，24Q2/Q3 锡 产品产量分别为 2.28/1.90 万吨，Q3 环比-16.67%，主要由于公司锡冶炼设 备于 8 月 25 日开始进行例行停产检修，对当季产量有一定的影响，但不影 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [1][13]. Core Views - The company's performance in the first three quarters of 2024 met expectations, with revenue impacted by a decline in sales but offset by an increase in net profit due to rising tin prices [2][3]. - The company has optimized its asset structure, with a significant reduction in the debt-to-asset ratio to 41.79%, down 8.69 percentage points year-on-year [2][3]. - Production of key metals has shown steady growth, with total output reaching 277,100 tons, including 64,200 tons of tin, 105,000 tons of copper, and 106,400 tons of zinc, reflecting year-on-year increases of 5%, 9%, and 5% respectively [2][3]. Financial Summary - For the first three quarters of 2024, the company reported total revenue of 29,213 million yuan, a year-on-year decrease of 13.21%, while net profit attributable to shareholders was 1,283 million yuan, an increase of 17.18% [1][2]. - The company expects net profits for 2024, 2025, and 2026 to be 2,006 million yuan, 2,512 million yuan, and 2,734 million yuan respectively, indicating year-on-year growth rates of 42.4%, 25.2%, and 8.8% [2][3]. - The projected earnings per share for 2024, 2025, and 2026 are 1.22 yuan, 1.53 yuan, and 1.66 yuan, with corresponding price-to-earnings ratios of 13, 10, and 9 [3][6].

Investment Rating - The report maintains an "Accumulate" rating for the company [2][3] Core Views - The company's net profit attributable to shareholders increased slightly quarter-on-quarter in Q3 2024, supported by strong tin prices and recovering demand from the consumer electronics sector, indicating a stable performance outlook [2][3] - The target price has been raised to 18.20 yuan from the previous 15.86 yuan, reflecting adjustments based on industry comparisons and the company's leading position in the tin market [3] Financial Summary - For 2024-2026, the expected earnings per share (EPS) are projected to be 1.08 yuan, 1.30 yuan, and 1.44 yuan respectively, with slight downward adjustments from previous estimates [3] - The company reported a net profit of 1.408 billion yuan for 2023, with a year-on-year increase of 4.6% [3] - The company’s revenue for 2023 is expected to be 42.359 billion yuan, a decrease of 18.5% compared to 2022 [3] Market Position - The company holds a 47.92% market share in the domestic tin market and a 22.92% share globally, ranking as the largest refined tin producer in the world [3] - The company has signed strategic cooperation agreements to expand its resource base and enhance its integrated advantages in the industry [3]

锡业股份（000960.SZ）2024 年三季报点评 检修+冶炼加工费下行拖累利润，矿端供应持续紧张 2024 年 10 月 27 日 ➢ 事件：公司发布 2024 年三季报。2024 年前三季度，公司实现营业收入 292.13 亿元，同比-13.21%，归母净利润 12.83 亿元，同比+17.18%，扣非归 母净利润 14.50 亿元，同比+46.44%。2024Q3，公司实现营业收入 104.38 亿 元，环比+0.60%，同比-3.58%；实现归母净利润 4.84 亿元，环比+2.10%，同 比+18.56%；实现扣非归母净利润 4.52 亿元，环比-34.97%，同比+14.12%。 ➢ 量：公司自产金属量保持稳定，受检修影响锡产品产量环比略有下滑。 2024Q3，公司生产锡金属约 1.90 万吨，环比-16.67%，主要系公司于 9 月份对 锡冶炼设备进行停产检修影响产量；生产铜金属 3.47 万吨，环比-2.53%；生产 锌金属 3.76 万吨，环比+5.32%；生产铟锭 30 吨，环比-9.09%。 ➢ 价：锡、铜金属价格环比略微下行，锌、铜冶炼加工费处于低位导致冶炼环 节拖累利润。2024 ...

经云南锡业股份有限公司（以下简称"公司"）监事会主席卢丽桃女士、监 事张宏旭先生、王金先生联名提议，公司第九届监事会 2024 年第三次临时会议 于 2024 年 10 月 24 日以通讯表决方式召开。会议通知于 2024 年 10 月 18 日以当 面送达、电子邮件及传真的方式通知了公司的 3 名监事。应参与此次会议表决的 监事 3 名，实际参与表决监事 3 名。本次临时监事会的召开符合《公司法》和《云 南锡业股份有限公司章程》的规定。 | 证券代码：000960 | 证券简称：锡业股份 | | 公告编号：2024-046 | | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 锡 KY01 | | | | 债券代码：148747 | 债券简称：24 锡 | KY02 | | 云南锡业股份有限公司 第九届监事会 2024 年第三次临时会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 1 / 2 二、备查文件 1、经与会监事签字并加盖监事会印章的《云南锡业股份有限公司第九届监事 会 2024 年第三 ...

| 证券代码：000960 | 证券简称：锡业股份 | | | 公告编号：2024-045 | | --- | --- | --- | --- | --- | | 债券代码：148721 | 债券简称：24 | 锡 | KY01 | | | 债券代码：148747 | 锡 债券简称：24 | | KY02 | | 第九届董事会 2024 年第三次临时会议决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或者重大遗漏。 经云南锡业股份有限公司（以下简称"公司"）董事长刘路坷先生、董事张 扬先生、吴红星先生、陈雄军先生和李德宁先生联名提议，公司第九届董事会 2024 年第三次临时会议于 2024 年 10 月 24 日以通讯表决方式召开，根据《云南 锡业股份有限公司章程》第一百三十九条之规定，本次会议通知于 2024 年 10 月 18 日以当面送达、电子邮件及传真的方式通知了公司 9 名董事。应参与此次 会议表决董事 9 名，实际参与表决董事 9 名。本次临时董事会的召开符合《公司 法》和《云南锡业股份有限公司章程》的规定。 云南锡业股份有限公司 一、经会议审议、通过 ...